British Racing and Betfair indication ₤ 40m industrial bet9ja's welcome offer

4 July 2012

Online betting exchange Betfair has signed a handle British horse racing organisers, promising a minimum ₤ 40m of funding over the next five years.

It will provide 10.75% of all earnings on the sport drawn from its UK clients.

It follows conferences with market bodies the British Horseracing Authority, the Racecourse Association and Horsemen's Group.

In return, the yohaig code sport has pledged a minimum variety of components annually and to maximise wagering chances.

The arrangement will replace Betfair's present annual voluntary Horserace Betting Levy payments.

Most significant wagering firms, including Betfair, now run their online operations outside the UK and are accountable to pay tax and horserace levy just on company done within the nation - instead of on their overall worldwide operations.

However, previously Betfair has actually voluntarily paid the UK horse racing levy as though it were still British-based.

the yohaig code new contract will change this promotion code previous ad-hoc agreement and will work from the 51st Levy Scheme, which covers the 2012-13 racing season.

"We are thrilled that we have been able to reach an arrangement with Betfair, one which represents a landmark for both the racing and betting markets," stated Paul Bittar, chief executive of the BHA.

"It brings lots of benefits, including substantial and increased ensured funding, as well as importantly offering certainty for the sport in relation to Betfair's contribution."

the yohaig code Horserace Betting Levy, a major source of funding to the sport, has been slowly reducing over the years with the moves offshore by betting companies.

And Mr Bittar stated he hoped comparable plans to the Betfair one might now be concluded with other wagering operators.

Betfair's chief legal and regulative officer Martin Cruddace called the deal "historical" and also called on other wagering companies to "adopt comparable agreements to assist ensure a strong, healthy and dynamic horseracing industry in this promotion code country".

British Horseracing